5 Major Changes in Vietnam’s Consumer Market
Vietnam’s consumer market is driven by an uncertain phase of the economy, which also has a great impact on the preferences, lifestyle and behavior of Vietnamese consumers. Kantar Vietnam is glad to share with you the 5 major changes in the Vietnamese buyer persona, which may be useful for companies to understand and win consumers’ hearts.
The Modern Vietnamese Consumer
The rising of the affluent class defines Vietnam’s consumer market: Vietnam’s consumer market is having new needs, reallocating their priorities and adopting new products and services.
The Vietnamese household size is getting smaller: About 40% of household population in Vietnam has one to three members. The main implication of a decreasing household size is lower consumption, and the development of delegation services and pet food.
New experiences are driven by young consumers and digitalization: The rate of innovation for FMCG products is 1.5 times faster in 2021 than it was in 2014. It increases the pressure on already-existing items to draw in new customers and, more importantly, keep the ones they already have.
Online shopping and transactions are becoming dominant: In 2021, the size of the FMCG online shopper base has expanded 10 times and the online value share of FMCG produces increased 20 times in the last 7 years. Online is not just the channel of sales, in fact it has a role in every step of the consumer journey.
Growing demand for personalisation: The demand for more personalised products or services are concentrated much on female, Gen Z and Gen Alpha consumers.
For more detailed insights into the changing Vietnamese consumer persona and Vietnam's FMCG market, you can watch our webcast and download the report.
More insights from Kantar Vietnam's report
In the latest edition of Vietnam Brand Footprint 2022 we measure hundreds of FMCG brands in Vietnam across 5 sectors: Beverages, Food, Health and Beauty, Homecare, and Dairy. The report will help you have a complete picture of trends and movements of the consumer market of past period as well as future predictions. Access the Vietnam Brand Footprint 2022 to know what brands are loved by consumers and for more helpful insights.
Please get in touch with us if you want to find out how our insights on the Vietnamese market can help your brand reach more consumers.
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